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The provided information is for educational purposes only and should not be considered legal, tax, or financial advice; consultation with a licensed attorney or CPA is recommended for specific needs. It emphasizes that the content is copyright protected and cannot be reproduced without consent. An Operating Agreement is an internal document for LLC members outlining the management structure, financial operations, member identities, and ownership percentages (membership interests). Unlike LLC Formation Documents, it does not need to be filed with the State but should be maintained with business records. The agreement clarifies operational management and tax responsibilities.